Vornado Realty Trust’s board approved a new $300 million share‑repurchase program on April 29 2026, extending the company’s existing $200 million program and giving management flexibility to buy back shares in the open market, through block trades, or other mechanisms allowed under federal securities law.
The new program builds on the existing plan that has already repurchased 6,929,439 shares at an average price of $25.80, leaving roughly $21 million of capacity unused. The expansion signals management’s confidence in the firm’s cash position and its commitment to returning capital to shareholders.
The decision follows the company’s Q4 2025 results, which included a slight earnings‑per‑share miss of $0.55 versus the $0.57 consensus estimate, but a revenue beat of $453.71 million against the $440.23 million estimate. Adjusted FFO per diluted share was $0.55, down from $0.61 a year earlier, indicating modest pressure on earnings while still supporting a robust cash flow base.
Analysts have expressed mixed views on the buyback, noting that it reflects management’s belief that the stock is undervalued even as the company faces headwinds from a modest decline in FFO and a market that has recently trimmed expectations. The program is part of a broader strategy that includes a 36‑year dividend streak and a current yield of 2.44%.
The new program is expected to be executed over the next 12 months, with the company retaining flexibility to adjust the pace based on cash flow and market conditions. The expansion also provides a buffer for future capital‑allocation decisions, such as potential debt reduction or reinvestment in development projects like the Penn District and 350 Park Avenue.
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